Medical Office Building with NNN
For Sale
Contact for pricing
13410 Highway 99, Everett, WA 98204
Fully occupied medical office property with seven healthcare and professional tenants under NNN lease structures.
Property Size11,712 SF
Price / SF$212.60
Days on Market8
Property Features for 13410 Highway 99
General Information
Standard status
Active
Size
11,712 SF
Property subtype
OFFICE
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Building Size
11,712 SF
Tenancy
Multi
Abandoned
No
Listing Agency:
Northmarq Commercial, LLC
(206) 693-2239
Listed By:
Raymond Vara
(206) 584-6195
Source:
Moodyscre
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 21 at 3:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Northmarq Commercial, LLC
Investment Insights
Based on property information with market context.
The Lake Hill Medical Dental Center is an 11,712-square-foot medical office building occupied by seven medical, dental, and professional tenants. All leases are structured on a NNN basis, and the property is currently 100% occupied. Recent capital work included a new roof, HVAC improvements, and structural upgrades.
Located at 13410 Highway 99 in Everett, the property provides immediate access to Highway 99 and SR 525. The location supports convenient access for office users and their patients, while the building’s healthcare-oriented tenant mix provides an established operating profile.
The property combines medical office space, recent building improvements, full occupancy, and NNN lease structures in a single asset.
Located at 13410 Highway 99 in Everett, the property provides immediate access to Highway 99 and SR 525. The location supports convenient access for office users and their patients, while the building’s healthcare-oriented tenant mix provides an established operating profile.
The property combines medical office space, recent building improvements, full occupancy, and NNN lease structures in a single asset.
Key Highlights
- 11,712 SF medical office building at 13410 Highway 99, Everett, WA 98204
- 100% occupied with seven medical, dental, and professional tenants
- All seven leases are structured on a NNN basis
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$195,953
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,919,060
$3.9M
Cap Rate 7%
$2,799,329
$2.8M
Cap Rate 9%
$2,177,256
$2.2M
Market Conditions
NOI Build-Up for 11,712 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$309.2K $26.40/SF
− Vacancy
−$47.9K −$4.09/SF
EGI
$261.3K $22.31/SF
− OpEx
−$65.3K −$5.58/SF
NOI
$196.0K $16.73/SF
Area
Everett, WA
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,919,060
Cap Rate 7%
$2,799,329
Cap Rate 9%
$2,177,256
Alternative Uses
Best Use
Office B
$2.80M
$2.45M – $3.27M
NOI $195,953 @ 7.0% cap · market cap 7.87%
Second Best
Healthcare Medical
$2.54M
$2.22M – $2.96M
NOI $177,465 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$3.88M
$3.39M – $4.52M
NOI $271,374 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98204, WA
44,810
Population
18,914
Households
2.4
Avg Household Size
34
Median Age
22%
College-Educated
87%
High-School Grad
7.2 sq mi
ZIP Area
6,224
Density / Sq Mi
$66,592
Median Household Income
$44,349
Median Earnings
$1,732
Median Rent
$386,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully occupied medical office property with seven healthcare and professional tenants under NNN lease structures.
Where is this medical office space located?
The property is located at 13410 Highway 99 Everett, WA.
What is the asking price?
The asking price for this property is $2,490,000.
What are key features of this property?
This property features: 11,712 SF medical office building at 13410 Highway 99, Everett, WA 98204; 100% occupied with seven medical, dental, and professional tenants; All seven leases are structured on a NNN basis
